Topic: Tonga May Be The Next Nation To Adopt Bitcoin! Madness! - page 2. (Read 318 times)
I agree that Tonga will eventually adopt Bitcoin as a legal tender. why not? they are quite easy to control where the population is not as much as other countries. they could enforce the rules if the government was not in big debt to the central bank. Moreover, there is a crypto community there, it will clearly simplify policy.
Talks about buying BTC and adopting Bitcoin as legal tender on the level of national legislation are two very different events. That being said, I hope that interest to Bitcoin indeed rises in the eyes of the governments of various countries.
Regarding the US and EU comment, I believe that cryptos are already legal there, but they are treated as property or something similar and are thus subject to taxation.
Then again, it's no wonder that developing countries are more motivated to introduce favorable crypto regulations since they want to boost their economies somehow. As for developed countries, they already have strong economies and are thus assessing the potential risks and benefits when choosing their approach to the crypto industry.
Regarding the US and EU comment, I believe that cryptos are already legal there, but they are treated as property or something similar and are thus subject to taxation.
Then again, it's no wonder that developing countries are more motivated to introduce favorable crypto regulations since they want to boost their economies somehow. As for developed countries, they already have strong economies and are thus assessing the potential risks and benefits when choosing their approach to the crypto industry.
These countries aren't that big in the global economic scene so I can see why they want to adopt bitcoin and I can also understand why US and EU don't want to dip their toes yet, they want to see how far and where can all this go.
Its one step, Being recognize as a legal tender even for a small country is a big thing for bitcoin. But until we see bitcoin being used as way to pay for goods and services in real life scenario, its still way far behind towards adoption.
These countries aren't that big in the global economic scene so I can see why they want to adopt bitcoin and I can also understand why US and EU don't want to dip their toes yet, they want to see how far and where can all this go.
'adopting bitcoin'
vs
'allowing bitcoin as a remittance vehicle'
are two different things
if its just used for remittance. then most people dont care if its a western union database or bitcoin. all they see is fiat at both ends.
true adoption is the ability to buy produce/pay bills using a different currency
vs
'allowing bitcoin as a remittance vehicle'
are two different things
if its just used for remittance. then most people dont care if its a western union database or bitcoin. all they see is fiat at both ends.
true adoption is the ability to buy produce/pay bills using a different currency
This is getting serious, Europe and USA are left behind! 
https://twitter.com/DocumentingBTC/status/1402655617462980613
https://twitter.com/DocumentingBTC/status/1402655617462980613
Tonga is officially known as Kingdom of Tonga. So it is a monarchy. That means, one person rules this archipelago of one hundred thousand inhabitants. So it is comparatively easier for such countries to adopt cryptocurrencies. Because such decisions don't need to be passed through parliament. So I don't think such kind of adoption will step up the bitcoin mass adoption. It's just some liquidity flowing into the market without much impact.
But at least one more name will be added to list of crypto friendly nations.
Wheals are now pumping btc everywhere good news are coming. I think bear is tired now bull start the next really.
This is getting serious, Europe and USA are left behind!
https://twitter.com/DocumentingBTC/status/1402655617462980613
https://twitter.com/DocumentingBTC/status/1402655617462980613
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